Catastrophic Health Plans
By Melanie Ullman
There are some expenses that you need to provide for in advance, and catastrophic health plans can help you do this. It is essential for any person to have health insurance irrespective of their age and health status. The problem for most people who do not have a health care plan provided by their employer it that they have to incur relatively large out of pocket expenses in order to be insured. Thankfully there are plans that offer more flexibility in terms of payments and services. You can readily opt for catastrophic health insurance. But before you do so you have to evaluate this option very carefully. Here are some tips for buying catastrophic health insurance.
This type of coverage is designed to be useful in the case of all sorts of catastrophes. You are entitled to paying a very low monthly premium, but the deductible is quite high. At the same time your visit and other fees that you have to pay for as a patient remain the same. So, if you need special care due to a catastrophic event in your life you are perfectly covered. This type of trade off between premium and deductible is beneficial in a number of ways, but it also has its drawbacks.
You should definitely buy a catastrophic health insurance plan if you are young and health individual who does not need frequent treatment. It is true that you will have to pay a higher deductible out of your pocket when you have routine medical checks, but overall your expenses will be much lower compared to the ones you will have to incur if you have standard insurance. A comprehensive catastrophic insurance plan will be right for you. Still, if you have children you will have to provide for their coverage as well. In this case this type of plan might turn out to be more expensive for you since you are highly likely to take your kids to the doctor and get prescriptions more often.
The elderly and the individuals with chronic medical conditions are likely to find the catastrophic health insurance plans to be more costly for them as the frequent visits to specialists and the prescriptions require the payment of high deductibles. But if you are on a tight budget you should definitely consider this option. There are a lot of people who can manage their chronic conditions such as diabetes with a few visits to the specialist’s office. In this case a lot of money can be saved with this type of health insurance. You are highly recommended to make some budgeting calculations and make an estimate of your monthly healthcare expenses to decide whether this type of plan will work for you.
There are many people who opt for supplementary catastrophic plans. Unlike the comprehensive one it covers any additional medical expenses that you might incur due to a catastrophic event. These usually include cost for nursing and psychiatric care. The elderly as well as the younger individuals will find such a plan beneficial provided that they have enough money to cover the low premium and the deductible in case of emergency.